CHEYENNE, Wyo. (Feb. 10, 2016) – A Wyoming bill would create a state gold depository, an important first step toward establishing gold and silver as commonly used legal tender in the state.

A coalition of nine Republican representatives introduced House Bill 124 (HB124). The legislation would create the Wyoming Bullion Depository. The depository would serve as the custodian, guardian and administrator of gold, silver and other precious metals transferred or acquired by the state, or an agency, political subdivision or other instrumentality of the state. The depository would also accept deposits of gold and silver by private individuals.

Most significantly HB124 establishes a mechanism for individuals to engage in transactions using precious metals, including gold and silver.

“In accordance with the rules promulgated under this act, a depository account holder may transfer any portion of the balance of the holder’s depository account by check, draft, or digital electronic instruction to another depository account holder or to a person who at the time the transfer is initiated is not a depository account holder.”

The legislation creates a regulatory structure for the depository and all transactions facilitated through it. It also establishes criteria for depository agents.

In short, a person will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Doing so has the potential to open the market to sounds money in day-to-day transactions.

By making gold and silver available for regular, daily transactions by the general public, Hb124 has the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).

As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.

Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people.

While HB124 won’t nullify the Fed’s monetary monopoly on its own, it represents an important step forward in that direction.

THE CONSTITUTION

Currently, all debts and taxes in Wyoming must either get paid with Federal Reserve Notes (dollars), authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

But the United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”

The creation of the Wyoming Gold Depository would take a step toward that constitutional requirement, ignored for decades in every state. Such a tactic would undermine the monopoly the Federal Reserve System by introducing competition into the monetary system.

UP NEXT

In the budget session a bill needs a 2/3 majority to be formally introduced. That is 2/3 of the elected house members, which is 40 votes. Please call your state representative today and urge them to vote YES on HB124

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Tennessee Governor Signs Resolution in Support of Creating Bullion Depository

‎Today, ‎April ‎28, ‎2016, ‏‎6 hours ago|Mike Maharrey

NASHVILLE, Tenn. (April 28, 2016) – Yesterday, Tennessee Gov. Bill Haslam signed a resolution setting the stage for creation of state bullion depository, an important first step toward establishing gold and silver as money in the state.

Rep. Bud Hulsey (R-Kingsport) introduced House Joint Resolution 516 (HJR516) in January. The resolution declares support for creation of a gold bullion depository in the state.

“The State of Tennessee supports the safekeeping and storage of gold and precious metal bullion and coins in a Tennessee bullion depository or other such similar facility.”

The Senate approved the resolution 27-0. The Tennessee House passed the resolution 95-0. Approval of HJR516 in both the House and the Senate puts every member of the Tennessee legislature on record as supporting a gold bullion depository in Tennessee. Now you can add the governor to the list of supporters as well.

As the next step, a bill to establish a depository should be introduced and passed during the next legislative session. There appears to be no barriers to getting this done. Now it’s up to activists in Tennessee to keep the pressure on and ensure the legislators and governor follow through.

Last year, the Texas Gov. Abbott signed a bill into law to create just such a facility. The new Texas Bullion Depository will also establish a means for Texans to conduct transactions using these metals.

“A depository account holder may transfer anyportion of the balance of the holder’s depository account by check, draft, or digital electronic instruction to another depository account holder or to a person who at the time the transfer is initiated is not a depository account holder.”

In a nutshell, through the depository Texans will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Doing so has the potential to open the market to sounds money in day-to-day transactions.

The passage and signing of HJR516 sets the stage to create a similar gold bullion depository in the Volunteer State. While the resolutions does not carry the force of law, and does not guarantee creation of a depository, it makes such a move in the near future much more likely.

GOLD AND SILVER TRANSACTIONS

By making gold and silver available for regular, daily transactions by the general public, the new law would have the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).

As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.

Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people.

Creating a depository won’t nullify the Fed’s monetary monopoly on its own, but it would represent an important step forward in that direction.

THE CONSTITUTION

Currently, all debts and taxes in Tennessee must either get paid with Federal Reserve Notes (dollars), authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”

Creation of a Tennessee Gold Depository would take a step toward that constitutional requirement, ignored for decades in every state. Such a tactic would undermine the monopoly the Federal Reserve System by introducing competition into the monetary system.

PHOENIX, Ariz. (April 26, 2016) – Yesterday, the Arizona House passed a bill that would help “legalize the Constitution” by defining gold and silver specie as legal tender and encouraging their use as currency..Sen. David C. Farnsworth and Rep. Doug Coleman, along with seven cosponsors, introduced Senate Bill 1141 (SB1141) on Jan. 19. The legislation defines specie (gold or silver coin, bar or round) as constitutional legal tender to establish it for use in the marketplace as currency. It reads, in part, “Legal tender is money and is not subject to regulation as property other than money – meaning it would not be taxed at the state level.

The House passed an amended version of SB1141 by a 33-24 vote. The Senate previously passed it by a vote of 18-11. It will now have to go back to the Senate for concurrence with the amendments.

The amended language tightens the definition of “specie” to exclude coins or bars that make up some part of jewelry or that is valued based on historic or collectible significance.

The legislation broadens the definition of “legal tender” beyond only Federal Reserve Notes.

“Legal tender” means a medium of exchange, including sepcie, that is authorized by the United States constitution or Congress for the payment of debts, public charges, taxes and dues.

“Specie” means gold or silver coin, bar or round.

A STEP FORWARD

Passage of SB1141 would allow Arizonans to deduct the amount of any net capital gain included in federal adjusted gross income derived from the exchange of one kind of legal tender for another kind of legal tender or specie from their state income tax, In other words, individuals buying gold or silver, or utilizing gold and silver in a transaction, would no longer be subject to state taxes on the exchange.

Passage into law would mark an important step towards currency competition. If sound money gains a foothold in the marketplace against Federal Reserve notes, the people would be able to choose the time-tested stability of gold and silver over the central bank’s rapidly-depreciating paper currency. The freedom of choice expanded by SB1141 would allow Arizona residents to secure the purchasing power of their money.

“This isn’t going to end the fed’s monetary monopoly overnight, but it sets the foundation and opens the door for more market activity by the people,” Tenth Amendment Center executive director Michael Boldin said. “This is an important part of the overall strategy, and activists in Arizona should continue working to get both bills passed.”

BACKGROUND INFORMATION

Currently, all debts and taxes in Arizona must be paid with either Federal Reserve Notes (dollars), authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

But the United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”

The Arizona bills take a step towards that constitutional requirement, ignored for decades in every state. Such a tactic would undermine the monopoly or the Federal Reserve by introducing competition into the monetary system.

Professor William Greene is an expert on constitutional tender and said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

“Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.”

Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state by state level is what will get us there.

NASHVILLE, Tenn. (April 20, 2016) – Today, the Tennessee Senate unanimously gave final approval to a resolution setting the stage for creation of state bullion depository, an important first step toward establishing gold and silver as money in the state.Rep. Bud Hulsey (R-Kingsport) introduced House Joint Resolution 516 (HJR516) in January. The resolution declares support for creation of a gold bullion depository in the state.

“The State of Tennessee supports the safekeeping and storage of gold and precious metal bullion and coins in a Tennessee bullion depository or other such similar facility.”

The Senate approved the resolution Wednesday 26-0. Last month, the Tennessee House passed the resolution 95-0. Approval of HJR516 in both the House and the Senate puts every member of the Tennessee legislature on record as supporting a gold bullion depository in Tennessee.

A bill to establish a depository should be introduced and passed during the next legislative session. There appears to be no barriers to getting this done. Now it’s up to activists in Tennessee to keep the pressure on and ensure the legislators follow through.

Last year, the Texas Gov. Abbott signed a bill into law to create just such a facility. The new Texas Bullion Depository will also establish a means for Texans to conduct transactions using these metals.

“A depository account holder may transfer anyportion of the balance of the holder’s depository account by check, draft, or digital electronic instruction to another depository account holder or to a person who at the time the transfer is initiated is not a depository account holder.”

In a nutshell, through the depository Texans will be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money. Doing so has the potential to open the market to sounds money in day-to-day transactions.

Passage of HJR516 sets the stage to create a similar gold bullion depository in the Volunteer State. While the resolutions does not carry the force of law, and does not guarantee creation of a depository, it makes such a move in the near future much more likely.

GOLD AND SILVER TRANSACTIONS

By making gold and silver available for regular, daily transactions by the general public, the new law would have the potential for wide-reaching effect. Professor William Greene is an expert on constitutional tender and said in a paper for the Mises Institute that when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).

As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.

Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people.

Creating a depository won’t nullify the Fed’s monetary monopoly on its own, but it would represent an important step forward in that direction.

THE CONSTITUTION

Currently, all debts and taxes in Tennessee must either get paid with Federal Reserve Notes (dollars), authorized as legal tender by Congress, or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.”

In contrast to attempts to put a stop to the Fed at the national level, a paper that William Greene presented at the Mises Institute’s “Austrian Scholars Conference” proposes an alternative approach to ending the Federal Reserve’s monopoly on money.

The “Constitutional Tender Act” is a bill template that can be introduced in every State legislature in the nation. Passage would return each of them to the Constitution’s “legal tender” provisions of Article I, Section 10:

“No State Shall…make any Thing but gold and silver Coin a Tender in Payment of Debts”